Do I need to get permits to finish a basement?
Yes, a building permit from your local township is required. Having these inspections can also protect you from substandard workmanship.
How many inspections are required?
The amount of inspections vary according to project. Typical inspections and order of occurrence are 1) rough electrical, 2) rough plumbing (if needed), 3) rough framing, 4) insulation, 5) final electrical and plumbing, 6) fire inspection and final building.
How much will permits cost?
This price is dependent on the size of basement and the extent of the renovations. (Ex. if you are putting in a bathroom there will be plumbing fees added.) A safe estimate would be between $300.00 and $800.00.
How much will my taxes increase?
That would be according to cost of job and township tax rate. For example, If the job comes to $20,000.00 and the tax rate is 2.40 you take 20,000.00 and multiply by .0240 and get $480.00. That would be a good estimate on your yearly tax increase
How much of the cost that I spend would I get back in value if I sold my house?
That would depend on a couple of different factors. One would be what you had done for the project. For example, if you spent a lot of money on something that fit your lifestyle or situation, but wouldn't be needed for most people you may not get all of that back. Like if you wanted an elaborate wine room with temperature controls and a lot of fancy stuff, unless you find somebody to buy your house with the same desire, it won't really matter that much. But if your putting things in that most people would want you will gain all or a good portion of it back. Another thing is where your location is. If you live in a development where all the houses are the exact same, like rows of cape cods or similar, and put $40,000.00 into your basement I doubt your house would sell that much more than your neighbors.
Do houses with finished basements sell faster?
Yes, if people are looking at 2 houses that are similar and one has a finished basement that one will usually sell first. An exception to this would be if the basement did not have a professional look. Having a basement that was finished with terrible workmanship is worst than not having it finished at all.
How long will it take to finish the basement?
According to the size and what your having done about 4 to 6 weeks. Real big jobs may go a little longer.
How much does it cost to finish a basement?
Prices range according to what is being done. Somewhere between $20.00 and $40.00 a square foot.